Selectica's rights agreement could stall Versata's efforts to buy more shares

By Lisa Kerner

Charlotte, N.C., Nov. 20 - A group of Selectica, Inc. shareholders led by Versata Enterprises, Inc. bought 321,120 shares of the company's stock between Nov. 13 and Nov. 17 for a total of approximately $310,000.

The investors beneficially own 1,759,011 shares, or 6.1%, of the San Jose, Calif., internet software development company, according to a schedule 13D/A filing with the Securities and Exchange Commission.

Versata said it had recently made a proposal to acquire some or all of Selectica's assets. In response, Selectica adopted an amendment to its rights agreement on Nov. 17, making Versata's ability to acquire additional shares uncertain, the filing said.

Selectica lowered the beneficial ownership percentage of the rights plan to 4.99% from 15%.

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